Retirement Planning: Is it only about Financial Planning?
"Retirement Planning must be considered as a Holistic approach. One’s physical and mental wellbeing is as important as financial security."
Here are some important aspects of retirement planning to take under consideration:
- Make life after retirement as productive as possible:
Retiring is inevitable, but many people fail to prepare for it. Although it's better late than never and having the motivation to plan at any point in life is excellent. Some retired seniors take time to slowly acclimatize to life after retirement by making small adjustments and doing things they always wanted to do. Like Re-joining the workforce! This can prove to be a very productive option. As long as they've got energy and are willing to share their knowledge with those who need it, then why not? At least future retirees will have someone they can look up to as a role model or an inspiration when someone talks about what a true leader should be like.
- Making a difference in the lives of others as one grows in their own:
As people grow older and begin thinking about retirement, they often begin to contemplate what their legacy will be in the world. They might wonder if there's something else for them to do with their time to make a real difference. And how can they have an impact on others after spending years dedicated to their career. Giving back or mentoring younger generations is a great way to help build up their reputation as a philanthropist while also feeling content that they're doing something special as they continue their journey into retirement!
- Following One's Passions
Some people think about future goals after they retire. For example, some want to travel the world and see as many new places as possible. Others might even plan on taking time to learn a foreign language so they can continue learning and growing while they have the freedom to do so. Many also enjoy being able to set aside time every day or every week in order to volunteer for a cause that's near and dear to them or even just helping out with their grandchildren or family in some way. Those types of things can make retirement something that's highly gratifying and enriching while not making the retired person feel like something is missing from their life.
When someone considers retirement planning they seek out financial advisory companies and a lot of companies advise them to find out what could be placed in their retirement plans financially. They portray retirement as a long vacation in different types of retirement plans showcasing their financial product brochures & assisted living fliers.
Retirement planning is a concept, but it's more than just money saved. Your future planning is not only important because of what you will be able to do with your financial freedom but also how you want to feel once you're retired. Happiness and wellness should always be considered!
Read: Running Out of Money in Retirement: Steps Every Senior Should Take Before it Happens
One should look at retirement planning as a holistic approach. They should take into consideration that one's physical well-being and happiness are equally important to reap the benefits of retirement planning. For example, one needs to exercise regularly because if one remains active physically even after the age of 60, and continues a healthy eating diet, it reduces the risk of various physical and mental ailments.
Why should one consider retirement planning as life planning and not only as planning for a financial future?
The period of retirement has been accepted as a time to sit back and relax, a time for pursuing materialistic goals which have already been met. However, this can also be used as a chance to give back, work on personal passions, or help shape the next generation of leaders!
People need to know what to expect when reaching retirement age. They don’t want to be caught off-guard when the time for retirement comes around. That’s why it is important for them to not only plan for their financial future but also make sure that they get involved and do some research on what their options are to live a fulfilled life.
Retirement is a wonderful period to explore what brings them fulfilment and contentment. One can pursue hobbies that provide joy and spend time helping others who could benefit from their personal expertise and wisdom. Who says retirement needs to be an endless series of days spent doing nothing of their interest? It’s actually the ideal chance to live exactly the way one wants to! Check out our platform SeniorExperts.in that helps retired seniors discover meaningful work opportunities.